Crowdinvesting ist geprägt von einer Vielzahl von Partikularinteressen, wobei den Portalen eine Schnittstellenfunktion zukommt. Die Nutzung der durchaus vielversprechenden Potenziale dieser Finanzierungsform hängt maßgeblich davon ab, inwieweit es gelingt, den Informationsasymmetrien und...

A substantial number of empirical studies on the linear relationship between executive compensation and firm performance for European firms suggest that the pay-performance sensitivity is not significantly positive. We argue that a nonlinear structure fits the data better, because compensation...

This paper puts together the pieces of the puzzle of the ongoing regulatory competition debate on corporate law in the US. At early stages of this process Delaware conquered the leader’s place replacing Jersey, and forever locked-in there through peculiar manners. The States take as granted...

This paper presents a data point relevant to significant issues of policy concerning areas of law where small firms have either been granted exemption from regulations or not investigated for violations of laws that, on their face, apply to them. Whether small firms should be exempted is an...

Financial internationalization and European regulatory harmonization put the German corporate governance regime under pressure to move towards a market-oriented, Anglo-Saxon model. While International Political Economy approaches expect Anglo-Saxon standards to spread across national borders,...

Recent amendments to SEC Regulation SHO (originally adopted in 2004) have implemented hard close requirements for fails to deliver which often follow the naked short selling of stock (selling short without having borrowed the shares). Naked short selling is frequently a central plank in a...

Adam Smith warned that the officers of corporations were likely to be unfaithful agents that would harm shareholders. Modern anti-regulatory economists sought to remedy this flaw at capitalism’s core by supercharging executive compensation. However, modern compensation systems further...

The US approach to regulating the securities markets is underpinned by disclosure, and US policymakers have tended to respond to corporate and systemic crises by strengthening disclosure requirements. For example, in response to the global financial crisis, the US Securities and Exchange...

Much has been said about the convergence of corporate governance and regulations. The underlying assumptions of this phenomenon are driven by globalisation and the dominance of the Anglo-US model of corporate governance. Since the Asian crisis in 1997, Hong Kong and perhaps to a less extend...

Is regulation of Congressional insider trading desirable? We intend to use the STOCK Act (H.R. 682) as a springboard for approaching the need for Congressional insider trading regulation from a slightly more academic perspective. First, we describe the STOCK Act by placing it in recent...